This document discusses management bonus plans and provides an example plan for managers at a Mexican restaurant called The Tamale House. It begins by describing how routine bonus payments can reduce incentives over time. It then provides tips for an effective bonus plan, including involving managers in annual budgeting and goal setting, reviewing performance quarterly, and basing bonuses on net operating profit. The document concludes by outlining a specific bonus formula for The Tamale House that pays managers 60% and 40% of 5% of annual net operating profit if they meet 90% of evaluation criteria.
In the recent months we have been witnessing the advent of a new trend that will have a disruptive impact for the next few years: the birth and growth of the “creator economy” or “passion economy”: a business sector focused on content creators, software products and services, designed to support creators in the realization of their passions.
Source: https://blog.teachfloor.com/the-creator-economy-the-new-flywheel-for-the-next-online-economic-wave
Our latest design brochure creds. Check out some of our client work here.
TEN Creative are an award winning design agency in Norwich, Norfolk UK. We work on design for print and digital media, ranging from websites and managed email campaigns to complete brand development via integrated marketing.
In the recent months we have been witnessing the advent of a new trend that will have a disruptive impact for the next few years: the birth and growth of the “creator economy” or “passion economy”: a business sector focused on content creators, software products and services, designed to support creators in the realization of their passions.
Source: https://blog.teachfloor.com/the-creator-economy-the-new-flywheel-for-the-next-online-economic-wave
Our latest design brochure creds. Check out some of our client work here.
TEN Creative are an award winning design agency in Norwich, Norfolk UK. We work on design for print and digital media, ranging from websites and managed email campaigns to complete brand development via integrated marketing.
As brands’ story-tellers, we understand how digital nowadays flows seamlessly in 24 hours of a consumer. That radical change has provided us big opportunity to ignite the conversation at the "moment of truth” and sustain the brand experiences beyond transactions of sellers and buyers, to create a relationship of value between brands and consumers.
Since 2013, with a new vision in digital communication marketing, we have geared up to accelerate their creativity in strategy, to provide a desired balance between “WOW” factor and insightful strategy with scalable execution.
Emerald in 2014 proudly introduces more new digital media which empower them in the role of trans-media story-teller.
“It’s not only digital, that is innovations to make experience happen without interruption."
We start with building a customer journey to understand how customers think and feel in each touch point. Digital is our weapon to improve customer experiences in every touch point and connect them all together seamlessly under a strategic approach. And that’s what we call Creative Digitalized Marketing or marketing in a digital world.
How To Get Sponsored: Create A Sponsorship Proposal That Rockssponsormomentum
How to get sponsored: Create Sponsorship Proposals That Rock
Whether you are just starting with event sponsorship campaigns or have "been there, done that" this presentation can help you. Inside is a top secret skill to sponsorship, how to get sponsored and how to create effective sponsorship proposals.
This is THE most simple overview to sponsorship proposal creation. However, there's much more to sponsorship development than a pretty slide show(Thank you haikudeck.com). Finding sponsorship for your event is a complex process that is very fulfilling, but requires a very specific strategy each time you approach a potential supporter. You have to be sponsor centered in your approach, rather than a traditional approach to sponsorship that begins and ends with your details, needs and goals.
For more help, visit http://www.sponsormomentum.com. Follow us on Twitter at http://www.twitter.com/sponsormomentum and Facebook at http://www.facebook.com/sponsormomentum.
The first step to creating or sustaining a strong brand is to define its purpose - why do you exist? This presentation is based on lectures given at University of Notre Dame's Mendoza College of Business and UC Berkeley's Haas School of Business.
Public Relations Proposal Template PowerPoint Presentation SlidesSlideTeam
If your company needs to submit a Public Relations Proposal Template PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response.
Universal Music Group - SWOT, PEST, Porter AnalysisKevin Zi Liu
An in-depth analysis exploring Universal Music Group's (UMG) internal and external forces: SWOT, PEST, Porter's Five Forces.
We look at the current the current market share and cultural shifts and provide recommendations that align with their mission statement.
Show me the money! Sales compensation plans that won't failOpenView
Compensation plans are extremely powerful tools for influencing Sales results...when done right!
If done incorrectly, they can back-fire, demotivate and even distract to your sales team.
In this webinar, we will address the frequently asked question, "How do I design a compensation package for my sales team?"
Sales strategy consultant Michael Hanna will discuss the 7 critical, but commonly overlooked factors for designing and implementing sales compensation plans to keep your team focused and motivated.
The Science of Incentive Compensation Programs: The DNA of What WorksProformative, Inc.
Acquiring, retaining and motivating the right talent continues to top the list of challenges identified by CFOs and other C-Suite executives at companies of all sizes. Incentive compensation plans that miss the mark can damage any company’s profitability, and even put the future of a company at risk. Yet, despite with the availability of data to better understand the behaviors of customers and those tasked with engaging and managing them, incentive compensation design and management still often fails to get its due.
Join us as Erik Charles, Principal Incentives Strategist, Xactly explains the science of an effective incentive compensation program including the essential components of its DNA.
As brands’ story-tellers, we understand how digital nowadays flows seamlessly in 24 hours of a consumer. That radical change has provided us big opportunity to ignite the conversation at the "moment of truth” and sustain the brand experiences beyond transactions of sellers and buyers, to create a relationship of value between brands and consumers.
Since 2013, with a new vision in digital communication marketing, we have geared up to accelerate their creativity in strategy, to provide a desired balance between “WOW” factor and insightful strategy with scalable execution.
Emerald in 2014 proudly introduces more new digital media which empower them in the role of trans-media story-teller.
“It’s not only digital, that is innovations to make experience happen without interruption."
We start with building a customer journey to understand how customers think and feel in each touch point. Digital is our weapon to improve customer experiences in every touch point and connect them all together seamlessly under a strategic approach. And that’s what we call Creative Digitalized Marketing or marketing in a digital world.
How To Get Sponsored: Create A Sponsorship Proposal That Rockssponsormomentum
How to get sponsored: Create Sponsorship Proposals That Rock
Whether you are just starting with event sponsorship campaigns or have "been there, done that" this presentation can help you. Inside is a top secret skill to sponsorship, how to get sponsored and how to create effective sponsorship proposals.
This is THE most simple overview to sponsorship proposal creation. However, there's much more to sponsorship development than a pretty slide show(Thank you haikudeck.com). Finding sponsorship for your event is a complex process that is very fulfilling, but requires a very specific strategy each time you approach a potential supporter. You have to be sponsor centered in your approach, rather than a traditional approach to sponsorship that begins and ends with your details, needs and goals.
For more help, visit http://www.sponsormomentum.com. Follow us on Twitter at http://www.twitter.com/sponsormomentum and Facebook at http://www.facebook.com/sponsormomentum.
The first step to creating or sustaining a strong brand is to define its purpose - why do you exist? This presentation is based on lectures given at University of Notre Dame's Mendoza College of Business and UC Berkeley's Haas School of Business.
Public Relations Proposal Template PowerPoint Presentation SlidesSlideTeam
If your company needs to submit a Public Relations Proposal Template PowerPoint Presentation Slides look no further.Our researchers have analyzed thousands of proposals on this topic for effectiveness and conversion. Just download our template, add your company data and submit to your client for a positive response.
Universal Music Group - SWOT, PEST, Porter AnalysisKevin Zi Liu
An in-depth analysis exploring Universal Music Group's (UMG) internal and external forces: SWOT, PEST, Porter's Five Forces.
We look at the current the current market share and cultural shifts and provide recommendations that align with their mission statement.
Show me the money! Sales compensation plans that won't failOpenView
Compensation plans are extremely powerful tools for influencing Sales results...when done right!
If done incorrectly, they can back-fire, demotivate and even distract to your sales team.
In this webinar, we will address the frequently asked question, "How do I design a compensation package for my sales team?"
Sales strategy consultant Michael Hanna will discuss the 7 critical, but commonly overlooked factors for designing and implementing sales compensation plans to keep your team focused and motivated.
The Science of Incentive Compensation Programs: The DNA of What WorksProformative, Inc.
Acquiring, retaining and motivating the right talent continues to top the list of challenges identified by CFOs and other C-Suite executives at companies of all sizes. Incentive compensation plans that miss the mark can damage any company’s profitability, and even put the future of a company at risk. Yet, despite with the availability of data to better understand the behaviors of customers and those tasked with engaging and managing them, incentive compensation design and management still often fails to get its due.
Join us as Erik Charles, Principal Incentives Strategist, Xactly explains the science of an effective incentive compensation program including the essential components of its DNA.
10 Reasons to Outsource Your Accounting OperationsJournyxInc
Have you ever considered outsourcing your finance & accounting? If not, perhaps you should. Outsourcing can not only provide better cash flow, accurate forecasts and more time, but also peace of mind for the small/medium-sized business owner. If you have ever found yourself in one of these scenarios than maybe you should consider the benefits of outsourcing:
-You are on vacation and you can’t get internet access to run payroll for your staff.
-Your financials show you are profitable but you are struggling to have enough cash to make payroll and pay vendors.
-Your long-time bookkeeper came in this morning to give their two weeks notice.
-You had a computer crash and you’re not sure when the last time your QuickBooksTM file was backed up.
-You are not sure what your staff are working on and can’t easily distinguish between idle time and productive activities.
-You have won a government contract and need to get ready for a DCAA audit.
Restaurant Accountants/ Bookkeepers - Different Roles and ResponsibilitiesCogneesol
Every small or medium sized restaurant needs accountants and bookkeepers to manage their different finance and accounting tasks. So, being an outsourced accounting firm, Cogneesol Pvt. Ltd. has sponsored the difference between major roles of restaurant accountants and bookkeepers in terms of business productivity. Check out and share your feedback.
In today’s ever-changing and competitive world, the Finance & Accounting function is one of the key functions being tracked by management teams to continuously drive high performance and business improvement. Ongoing pressures to optimize business performance have prompted many CFO’s and finance executives to look for new approaches, including outsourcing of the finance & accounting function.
With OATS’ finance and accounting outsourcing functions, you can be assured that your fiscal and regulatory risks are being managed effectively
Sales Compensation: Tips and Tricks to Building a Powerful PlanRingLead
We’ve all heard Tom Cruise’s famous line from Jerry Maguire, but showing your sales team members "the money" is often a complicated equation. In this webinar, you’ll learn the tactics and secrets for designing, planning and implementing powerful sales compensation packages that yield results and actually scale.
In the webinar, CeCe Bazar, sales expert at OpenView Venture Partners, lead a discussion with John Kosturos, head of sales at RingLead, and Howard Brown, CEO of RingDNA centered on building a powerful sales compensation plan.
You'll learn:
- The secrets to creating an effective compensation plan
- How to automate the compensation process with technology
- How to make sure your data is strong for accurate compensation, reporting and lead routing
Maximizing employee productivity on a sustainable basis can be an elusive goal. But a properly designed incentive compensation plan can play a big part in making it happen
6 WAYS TO ADD VALUE TO YOUR ORGANIZATION & ADVANCE YOUR CAREER by Dr.Mahboob ...Healthcare consultant
With every task you take on, ask yourself: How can I add value to this? And every time you achieve one of these value-add outcomes, measure the results and write them down. How much money did you save or earn? How much did efficiency or quality improve? What is the long-term impact of fixing or preventing that problem? The information you gather will be critically important in future performance reviews or when writing your next resume.
Making an Impact With Sales CompensationJohn Kolencik
Sales Compensation is a misunderstood, yet ALWAYS scrutinized facet of sales. Every sales organization has a “commission plan” but is it truly designed to make an impact with both the company and the sales representative? Will it motivate sales success day-to-day, month-to-month, quarter-to-quarter and year-to-year?
Employee Rewards Programs: The Formula for Successful RewardsTom Daly
Matt Lundy is co-owner of Rewarding Events & Incentives (REI), a full service incentive agency specializing in the creation and fulfillment of programs to motivate and reward employees, customers and distribution channels. for achieving specific goals. Rewarding Events & Incentives was recently announced as one of nine SBA award winners in Louisiana for 2009 .
A graduate of St. John’s University in NY, Mr. Lundy is very active in the local business community, serving on the Boards of both the Jefferson and River Region Chambers of Commerce, and is a member of HRMA New Orleans, the Louisiana Technology Council (LTC), the St. Charles Business Association and Entrepreneur’s Organization (EO).
The presentation will cover how you build a budget, common mistakes and how to avoid them, selecting the right reward option for your program and more.
For many businesses, attracting, retaining, motivating and rewarding employees are key issues that can be the difference between success and failure. It is also a vital issue for any potential buyer (internal or external) and has a direct impact on business risk, and also value.
As part of our strategic advisory work with clients, we are able to offer a range of solutions to manage these issues and provide easy to implement solutions for business owners to encourage employees to think and act like business owners.
Is an incentive plan right for my company? How can I get started? What kind of impact will it have? Find out how incentives can benefit your company with this handy Q&A reference infographic.
How to accelerate your commissionable sales ?HarinarayanDas3
Management faces a constant problem in developing a solid incentive plan for sales staff. The work at hand is to ensure that the company's objectives are translated into sales goals, which are then reflected in the commission plans created for you.
For decades, sales commission has been the driving force behind sales agents going above and beyond to ‘smash sales objectives.' Let's go back in time and observe how commissions came into play.
Understanding the Different Kinds of Beef in the MarketplaceMark Moreno
The U.S. beef industry offers products that appeal to potential
customers. It accomplishes this through fresh beef identified
by different USDA quality grades (Prime, Choice and Select),
company brands and production methods (conventional, natural,
grass-finished and organic).
The taste, texture, tenderness and other properties of products
carrying these designations can vary, and marketers may
capitalize on the attributes that objectively describe their
products and their production methods. That’s the nature
of marketing.
It is important, though, that proponents of these types of
production methods not misrepresent their beef or beef from
animals raised conventionally. To claim conventional beef
is inferior because it contains minute additional quantities
of certain chemicals (e.g., hormones or pesticides), when the
amounts are insignificant and proven safe by science is not
appropriate. To say that grass-finished beef is superior because
it contains minute additional quantities of certain chemicals
(e.g., conjugated linoleic acid or vitamin E) when it is not
reasonably possible to eat enough to improve personal health,
also is not appropriate.
The U.S. beef industry has a wide variety of types of beef from
which consumers can choose, all of which are safe, wholesome
and nutritious. Conventional, natural, grass-finished and organic
beef are defined by production and marketing distinctions, not
by nutritional or safety differences.
http://www.beefresearch.org/CMDocs/BeefResearch/Beef%20Choices.pdf
The Facts; Busting the Grass-fed Beef MythsMark Moreno
Marketing claims that grass-fed beef is healthier or
more eco-friendly are a myth. Grain-fed and grassfed
beef are defined by production, marketing and
taste distinctions, not by nutritional or environmental
differences. The No. 1 reason consumers purchase beef
is taste. Grain-fed beef, like the Certified Angus Beef ®
brand, delivers the superior taste consumers desire.
Memorandum Opinion Sysco US Foods Merger / AcquisitionMark Moreno
Americans eat outside of their homes with incredible frequency. The U.S. Department of Commerce, for instance, recently reported, for the first time since it began tracking such data, that Americans spent more money per month at restaurants and bars than in grocery stores. 1 Of course,
Americans eat out at many other places, too-sports arenas, school and workplace cafeterias, hotels and resorts, hospitals, and nursing homes, just to name a few. The foodservice distribution industry supplies food and related products to all of these locations. Foodservice distribution is
big business. In 2013, the market grew to $231 billion. By some estimates, there are over 16, 000 companies that compete in the foodservice distribution marketplace.
The two largest foodservice distribution companies in the country are Defendants Sysco
Corporation ("Sysco") and US Foods, Inc. ("USF"). Both are primarily "broadline" foodservice distributors. As the name implies, a broadline foodservice distributor sells and delivers a "broad" array of food and related products to just about anywhere food is consumed outside the home.
In 2013, Sysco's broadline sales were over 40 billion and USF's were over 20 billion.
Order Granting Preliminary Injunction Sysco US FoodsMark Moreno
After considering the extensive record in this matter
and the parties’ legal arguments, the court finds that the FTC has carried its burden of showing that a preliminary injunction of the proposed merger between Sysco and US Foods is in the public interest. The FTC has shown that there is a reasonable probability that the proposed merger will
substantially impair competition in the national customer and local broadline markets and that the equities weigh in favor of injunctive relief. The court’s reasoning is set forth in the accompanying Memorandum Opinion. Because the Memorandum Opinion likely contains “competitively sensitive information” of Defendants and third parties, Protective Order Governing Confidential Material, ECF No. 87 ¶ 1, the court has issued the Memorandum Opinion under seal to allow the parties to propose redactions of competitively sensitive information. The parties shall meet and confer and present to the court proposed redactions to the Memorandum Opinion no later than 5:00 p.m. on June 25, 2015. After considering the proposed redactions, the court will issue a public version of the Memorandum Opinion on June 26, 2015.
Sysco - US Foods PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAWMark Moreno
The evidence is overwhelming that the proposed merger is intended to capture the enormous efficiencies in excess of $1 billion in cost savings that will occur when Sysco and US
Foods combine These savings will enable the merged entity to compete more effectively including by lowering prices to the benefit of their customers. With the exception of handful of suspect customer and competitor declarations procured by the FTC speculating that prices might go up there is no evidence that prices will increase as result of the
Affordable Care Act - Next Steps for RestaurateursMark Moreno
Understanding the ACA and “operationalizing” it in a
restaurant business will be challenging. The Treasury
Department and Internal Revenue Service published final
regulations in February and March that provide the rules
by which employers will comply with the employer-mandate
and employer-reporting requirements.
Getting Out of PA-DSS Scope and Eliminating the High Cost of EMV: What you need to know
by Mike English
Executive Director, Product Development
Heartland Payment Systems
FTC Complaint Sysco US Foods AcquisitionMark Moreno
Respondents are—by a wide margin—the two largest broadline foodservice distributors in the United States and each other’s closest competitor. Sysco and US Foods are the
only two broadline distributors with nationwide networks of distribution centers, making them the best options for customers with facilities spread across the country.
Respondents also compete fiercely with one another in numerous local areas to serve independent restaurants and other foodservice customers.
MEET THE REVOLUTIONARY VENDING MACHINE WITH TOUCHSCREEN TECHNOLOGYMark Moreno
DIJI-TOUCH MAKES VENDING OPERATIONS A TOUCH MORE EXCITING. THIS INTERACTIVE MACHINE TURNS EVERYDAY SNACKING INTO A DYNAMIC VENDING EXPERIENCE.
Touchscreen Technology—Easy and fun to use.
Unique Engagement—Entertaining advertising and promotional content create memorable user experiences.
Remotely Monitor Machine Status and Inventory—Enjoy full analytics and reporting at your disposal.
Purchasing any technology can be confusing, and this applies to the purchase of a point-of-sale (POS) System. This document will provide you with a checklist of questions and information you should have discussed and/or documented before or as part of your purchasing process. The first document is a checklist of questions you should ask, and the second is a definition of terms for your purchase agreement. Both of these documents will help protect you and your business and help ensure that you make an appropriate
purchase from a qualified POS Systems provider. It is intended to clarify the terms of your agreement and avoid any misunderstanding on the scope or services and terms of the purchase agreement.
Bermar America Put a Sparkle into Wine by the Glass SalesMark Moreno
About
We believe that wine-by-the-glass should be served as the wine maker intended, freshly hand poured from the bottle with craft.
Mission
Have you ever been served a bad glass of wine ? Our mission is to help hospitality operators guarantee that they never serve that inferior experience, and to help them create 'moments of magic' in their wine service. We believe that the art and science of wine service should strive to elevate the wine experience to maximize enjoyment.
Description
At Bermar America we believe that wine-by-the-glass should be served fresh, and hand poured with craft just as a wine maker intended. We are committed to helping wine professionals create these ' moments of magic' with their wine service, and deliver the finest quality wine experience for their guests, . We provide our unique high precision wine preservation technology , Le Verre de Vin and Pod ...
General Information
Wine Preservation Systems and a company that stands for quality, service, education, and great wine!
a retrofit device developed by The
Madison Energy Group and a leading product
development company which reduces the energy
consumption of commercial grade coolers and
freezers.
Commercial refrigerators waste 15-30% of their
energy on up to 60% more cycles than necessary to
maintain food temperature at the appropriate
level.
Thermostats measure air temperature instead of
food temperature (air is less dense and fluctuates
significantly more
Reduced CO2 emissions
Reduced energy consumption
Endorsed by the Green Restaurant Association
@MadisonEnergy
Restaurant Trends 2014 by Restaurant BriefingMark Moreno
Hudson RieHle, Senior VP, Research & Knowledge Group, National Restaurant Association, predicts that the oPeRATinG enViRonMenT FoR ResTAuRAnTs in 2014 will continue on the same positive – but modest – growth path. “Overall, we’re certainly not looking at a rebound to prosperity, but things are headed in the right direction. Last year was the fourth consecutive year of growth for the restaurant industry, although modest. Moving into 2014, economic indicators such as real domestic product, real
disposable income, and employment growth remain positive.” Employment growth – which Hudson says shows signs of being somewhat higher in 2014 – is especially key for the industry because even a small uptick in employment translates into a greater ability for consumers to spend in restaurants.
Food & Water Watch Comment on Proposed Sysco US Foods MergerMark Moreno
Washington, D.C. — In response to the latest news of giant food corporations seeking to further consolidate, Food & Water Watch demanded that the U.S. Federal Trade Commission undertake a thorough and comprehensive analysis of the proposed merger between the two biggest U.S. foodservice distribution firms: Sysco Corp. and US Foods Holding Corp. These companies deliver food to restaurants, schools, hotels and other cafeteria and hospitality establishments.
In a letter sent yesterday to FTC Bureau of Competition Director Deborah Feinstein, Food & Water Watch outlines several antitrust concerns with the proposed corporate union that deserve close scrutiny; requests the agency to oppose the early termination of the antitrust review and urges federal regulators to extend the merger waiting period to thoroughly review the implications of the proposed merger. Food & Water Watch http://www.foodandwaterwatch.org/pressreleases/food-water-watch-slams-sysco-us-foods-merger/
Interesting mobile option to engage customers. Opt4Text™ is the premiere custom Mobile Marketing provider for your business. Text message marketing instantly connects your brand with your audience. The best part is that your message is as relevant as the moment you hit the send button.
You can link to a mobile website to utilize pictures, videos, songs or ringtones! No longer are the days of expired coupons or wishes that you were able to tell your audience about a emergency or special. It's time to call your audience into action!
HOUSTON, TX and ROSEMONT, IL – December 9, 2013 – Sysco Corporation [NYSE: SYY] and US Foods today announced an agreement to merge, creating a world-class foodservice company. The total enterprise value of the transaction is approximately $8.2 billion and the combination has been approved by the Board of Directors of each company.
One chef’s knife has been a champ in our kitchen for nearly two decades.
Can any other blade come close to offering what it does—and at a bargain price?
by Hannah Crowley
Therma-Tek Range Corporation may appear to be a new company in the market, but our tradition and combined experience spans more than 100 years. The owners are seasoned professionals in the design, development, manufacture and sale of commercial foodservice equipment. After selling and re-capitalizing their prior company; which was another well known and established manufacturer of residential and commercial cooking equipment, the owners decided to continue their tradition of success in manufacturing the highest quality foodservice cooking equipment with the formation of Therma-Tek Range Corporation. Our products carry this experience behind them, which sets them far ahead of our competition. The company represents quality, strength and performance, backed by unparalleled warranty and continued service. We carry a reputation in the marketplace for developing and delivering quality, value conscious, innovative products in a timely manner. We continuously emphasize research and development, as well as cutting edge product development, with a close understanding of market trends and needs.
Mercer—a company name highly regarded in the culinary
trade—is synonymous with quality, professional cutlery. A leader in the commercial market for more than 30 years, and the predominant supplier to more than 90% of culinary academies
in North America, Mercer brings you the finest tools used by
the industry.
World renowned commercially, Mercer historically supplied culinary education and professional chefs who have come to rely on the company for its distinct product offerings. Working closely with chef educators, chefs, and the leaders in this industry, Mercer constantly develops and expands its product lines to fulfill their needs. As the trend in the culinary arts continues to gain popularity, Mercer's new product offerings have allowed the company to expand its brand from the broadening professional base and to crossover into the consumer market. The ever-more-sophisticated home consumers are seeking those products used by the professionals. With a growing business in retail cutlery through gourmet, specialty, and department stores, Mercer's products are squarely positioned as high quality professional grade, but with a distinct value advantage.
The hallmark of Mercer's cutlery: exceptional quality in materials, unique design, and dedicated craftsmanship, honed to the exacting performance needs of the discriminating chef makes our products the undeniable choice for the professional and the enthusiast. Mercer is committed to delivering products and services that you can build on and
grow with.
Mercer Cutlery is a division of Mercer Tool Corp. This third generation family business which began as a small industrial company has evolved into a corporation with two distinct product ranges: Mercer Abrasives (www.mercerabrasives.com), the original industrial division offering bonded abrasives, coated abrasives and related products; and Mercer Cutlery, offering professional quality culinary tools and sets.
Today, Mercer's corporate commitment is summarized in these five words: Quality, Performance, Delivery, Service, and Price. The company will continue to offer products people know, use, and trust.
If you have comments, questions, or suggestions about Mercer, this website or any of our products, please e-mail us at: info@mercercutlery.com
Mercer—a company name highly regarded in the culinary
trade—is synonymous with quality, professional cutlery. A leader in the commercial market for more than 30 years, and the predominant supplier to more than 90% of culinary academies
in North America, Mercer brings you the finest tools used by
the industry.
World renowned commercially, Mercer historically supplied culinary education and professional chefs who have come to rely on the company for its distinct product offerings. Working closely with chef educators, chefs, and the leaders in this industry, Mercer constantly develops and expands its product lines to fulfill their needs. As the trend in the culinary arts continues to gain popularity, Mercer's new product offerings have allowed the company to expand its brand from the broadening professional base and to crossover into the consumer market. The ever-more-sophisticated home consumers are seeking those products used by the professionals. With a growing business in retail cutlery through gourmet, specialty, and department stores, Mercer's products are squarely positioned as high quality professional grade, but with a distinct value advantage.
The hallmark of Mercer's cutlery: exceptional quality in materials, unique design, and dedicated craftsmanship, honed to the exacting performance needs of the discriminating chef makes our products the undeniable choice for the professional and the enthusiast. Mercer is committed to delivering products and services that you can build on and
grow with.
1. Managment Bonus Plans That Work Page 1 of 9
http://www.restaurantowner.com
Managment Bonus
Plans That Work
by Chris Tripoli
This is a story about Frank. He was
one of three managers of a popular
full-service, casual-theme
suburban restaurant. He worked
his schedule, fulfilled his
responsibilities and on the 20th
day of the month received a bonus
for his previous month's efforts.
This went along for more than a year,
over which time he received about the
same bonus, on the same day each
month for the same work. Then, like a
light switch turning on it happened: Frank peaked. He didn't work any harder, didn't do anything
extra, didn't make any suggestions for improvement or help out if needed. Frank was just there,
simply going through the motions, putting in his time doing the basic daily shift duties. Soon,
things began to slip. It was little things at first, but then it worsened and became quite obvious
that Frank had lost his incentive to provide top performance.
This shouldn't happen right? After all, he was getting paid a competitive salary for his time and
earning a bonus for his work every month. This was the first time I came face to face with this
situation because this was my restaurant and Frank was one of my managers.
"What is wrong with him?" was my first thought. He should want to work harder, grow to become
a better manager, and look to do the little things that may be needed without being told, because
that is why he was getting a bonus. I knew I was right to expect this. After all, I know that a
bonus is supposed to create an "incentive." So where did I go wrong?
Maybe it was the routine of the payment that made it appear to be "less than extra" and allowed
Frank to feel this was expected as a part of his paycheck. Perhaps it was because the basis for
the bonus was a sales and profit target I alone set. In any event, the incentive bonus lost its
effect and was certainly not providing the motivation I had hoped it would. So, I blamed Frank,
thinking he failed me and must not have been the right person for the management position after
all.
I discussed this with other independent restaurant owners I knew and after learning of their
similar disappointments with bonus plans that did not provide an incentive, I decided to focus my
attention on the process rather than the person. That was back in 1989, and incentive bonus
structures are every bit as large an issue for operators now as they were for me then.
This article takes a close look at the incentive bonus process, why some miss the point and how
you might be able to adopt one that hits the target.
Bonus Basics
http://www.restaurantowner.com/members/1157print.cfm 5/21/2010
2. Managment Bonus Plans That Work Page 2 of 9
By definition a bonus is something paid or given over and above what is due; i.e., a sum of
money granted or given to an employee in addition to regular pay and usually in appreciation for
work done above and beyond expectation. We all can learn from bonus plans gone bad; those are
usually ones that sacrifice long-term incentive for short-term
gain. For example: ...The goal of every
incentive plan is to hear the
A West Virginia diner operator wanted to create an incentive for manager ask at the end of
his kitchen manager to lower the food cost, so he developed a each bonus period not
sliding scale bonus plan that allowed the kitchen manager to simply, 'How much did I
earn more, the lower he kept the food cost. After a few months earn?' but rather, 'How well
of low food cost and high bonus payments, the owner found that did I do?'..
they had created more than a low food cost. Recipe portions
became smaller and product specifications had changed. That, along with some poor customer
comments, were enough for him to realize that this was only a "win" for the kitchen manager and
a large "loss" for the long term of the concept.
A restaurant-bar owner in Southern California wanted his managers to pay more attention to
service staff labor, as current costs were overbudget and overtime was too high. A bonus
structure was developed with specific labor cost targets. The management teams met and beat
the targets so they received their incentive bonus payments. However, per-person check
averages became lower, service was slower, reducing the gratuities left for servers and negative
guests comments increased.
This created a serious concern for the owner who quickly realized he was actually rewarding
people for short-term gains at the risk of his long-term brand and reputation. These "specific
task" incentives do not create the fairness, long-term benefit or personal development we
recommend be included in any restaurant incentive bonus plan.
Recipe for Success
As with anything you make in your restaurant, having a recipe to follow helps make it right
consistently. The recipe for a good incentive bonus program for managers starts with an "annual
plan." Having management involved in the planning process and goal setting for sales,
marketing, facility maintenance and improvements, as well as cost budgets for food, labor and
controllable expense items give them a sense of "buy-in" and makes it easier for them to feel
responsible and to be held accountable.
Add a reasonable time period for review and bonus (quarterly goals work better than monthly).
Then, mix in the tools and materials management requires to be successful because knowledge is
an incentive. The more a manager knows of the business he or she is managing, the more they
try, the longer they stay, and the easier it is for them to succeed. Finally, develop an evaluation
format that allows management to review successes, identify opportunities for improvement and
list specific steps to take each quarter. Now you have created an incentive plan to help managers
grow, develop and win. The goal of every incentive plan is to hear the manager ask at the end of
each bonus period not simply, "How much did I earn?" but rather, "How well did I do?"
So, how does this get put into action? What is the best way to reward management? How much
bonus is anticipated? And how often is a bonus typically paid? To answer these questions I have
included a model developed from a case study.
The Tamale House is a fast-casual, counter-service Mexican restaurant open for lunch and dinner
seven days a week. The owner wanted to place the manager and assistant manager on an
incentive-based bonus plan. This restaurant has a strong weekday lunch meal period, good
weekend nights and steady early dinners during the week. Although this concept offers beer and
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wine, 95 percent of sales are from food. Both managers work positions during their shifts either
behind the counter or in the kitchen.
Following the steps outlined in this article, the managers worked with the owner to develop a
bonus plan based on an annual budget. This was an educational experience for them, as they had
been familiar with cost of sales and labor cost before, but not until this process had they realized
which costs were controllable and which were not. The owner preferred a bonus based on the net
operating profit so that the managers would have an incentive to raise sales while watching
expenses. The managers signed off on a budget (See "Tamale House Budget" below), as well as a
once-a-quarter performance review and bonus evaluation.
With annual sales of $1.2 million, cost of sales of 32.6 percent, and total labor costs of $375,874,
the annual net operating profit is projected to be $204,626 (17.1 percent). It is quite common to
base the incentive bonus on Net Operating Profit (NOP) because as management you feel it
includes all items you are able to influence in one way or another. As an owner you are comforted
that occupancy expenses, corporate overhead, debt service and other "owner related" items are
kept off the manager's profit-and-loss statement, as they cannot influence those items and some
amount of privacy may be necessary.
Managers begin to pay more attention to utility management, repairs and maintenance, paper,
small wares, linen cost and uniforms once they prepare an itemized budget like this and are
working to earn a bonus from their reports.
The Bonus Formula
Five percent of the NOP of $204,626 was reserved for the two managers. That amount is
$10,231.20, or less than 1 percent of projected annual sales.
Manager (GM) receives 60% of bonus total $6,138.78
Asst. Manager (KM) receives 40% of bonus total $4,092.40
Total $10,231.18
Each manager is reviewed-evaluated each quarter using a format they helped develop. If a
manager's score is 90 percent or higher, he or she may be entitled to receive 100 percent of the
bonus amount.
This type of incentive-based bonus program is quite popular among smaller independent
restaurant owners. Variations can be made to the breakdown depending on the amount of
management staff. The advantages include a motivated management team becoming more
knowledgeable as they gain experience from a broad scope of responsibilities (maintaining sales
while managing costs) rather than from specific tasks and an "operate as an owner" approach to
business that comes from having input into a budget and operating plan.
Charting Bonus Success
When developing the management incentive plan evaluation format, consider the participants'
tasks and personalize the ratings so that you may receive maximum benefits from their job
functions (capabilities) and personal characteristics (compatibilities). The following charts
below illustrate a system based on a restaurant that is full-service, with management positions
in the front of house (service) as well as a chef-kitchen manager.
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-- Restaurant Startup & Growth
√ Checklist
Four Components of a Successful Incentive Bonus Structure
Gary Turner, president of Hospitality Pro Search, a national restaurant management placement
firm based in Houston, tells us that all successful incentive bonus structures include the following
components:
√ Fair. To provide an incentive to managers and create the motivation required for owners
and managers to succeed, the bonus must be a "win- win." Both management and owners
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must see benefits (increased sales plus profits).
√ Reasonable. If the objectives are easily understood and goals are reasonable (within
industry standard) then there is a far greater chance of management becoming motivated,
and succeeding.
√ Sufficient timeline. The incentive plan must have targets and a realistic schedule for
implementation. Quarterly bonuses rather than monthly are more popular because they
seem to allow the management team time to chart progress and meet expectations.
√ Regular evaluation. Each manager included in the incentive bonus plan should receive
an individual evaluation at the end of each bonus period to review accomplishments,
receive constructive criticism and set developmental goals for the next period.
Involve the Recipients
When it comes to developing and putting in place an incentive-based bonus plan for your
management, remember to involve the recipients in the process, and evaluate regularly to
celebrate the successes and chart new goals and objectives. Although there may be no "one size
fits all," if you follow the steps outlined here, you may just custom- tailor a net operating profit
bonus plan that provides the incentive you were looking for and becomes the win-win situation
that helps your managers grow and your restaurant succeed.
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